Broadly speaking the market has been wrestling with ongoing uncertainty surrounding numerous banks and select financial firms weighed against government and FED intervention/pivot. The FED balance sheet has exploded upward approximately $400 billion in just two weeks.  This has led to a range bound trade in the SPX and clear divergence between the QQQ (big tech) and IWM (beholden to many smaller banks). 

We simply have to play the levels and clear patterns as traders until more clarity emerges.  For example, yesterday morning we had more weakness overseas which translated into a lower open in our markets BUT the weakness helped form a distinct falling wedge pattern in SPX/ES  which I pointed out premarket and then said to monitor along with the VIX for clues. The VIX smash supported a wedge breakout leading to a nice upward move on Friday. Well done team.